DEATHWATCH: Tie Rack hangs up its hat. (And ties. And scarves.)

When was the last time you said to yourself: ‘Hmm, I really need to buy a tie. I think I’ll go to TIE RACK?’ Well it seems nobody has done that since 1985, so it’s time for the station concession to pack up its mid-priced umbrellas and go home. Sadly, its repeated losses – and the fact that you can buy any of their stock cheaper online - means the loss of 200 jobs.

Tie Rack first popped up in 1981, and reaped the benefits of City yuppiedom, when everyone looked like Alec Baldwin and needed emergency ties and Tweety Pie cufflinks, STAT. Now, of course, we’re all open-collared tech start up idiots, clutching Monmouth coffees and mumbling into iPhones. The store has clearly been struggling for some time, with a loss of £6.9 million last year. And when any shop starts selling ponchos, you know it’s time to call it a day.

Its remaining 44 stores will close by the end of the year, but Tie Rack isn’t fashioning itself a noose just yet. Like many of the high street’s failures, it will live again online and there are plans to keep a few stores open in airports, for emergency tie situations. And there’s a closing down sale starting today, so get down there with a bucket and grab as many ugly cravats and boring pashminas as you can!